Agritek Holdings Inc. Announces Approval of Cannabis License and Commencement of Operations for 15,000 Sq. Ft. Facility in Puerto Rico
GlobeNewswire•January 8, 2019
LOS ANGELES, CA, Jan. 08, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Agritek Holdings, Inc. (OTC PINK: AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor for the cannabis sector in the United States and Canada, today announced that the Company’s licensee and partner, 1919 Clinic, has received its final approval from the Department of Health of Puerto Rico to begin operations immediately under the Medical Cannabis Program for Puerto Rico.
Agritek Holdings over the last two years has funded the operation, provided all cultivation and manufacturing equipment and aided in the licensing process for the state of the art facility which consists of a 15,000 sq. ft. GMP building in the heart of San Juan, Puerto Rico.1919 Clinic operations are designed to withstand hurricane wind loads, control temperature and humidity, and is now licensed under Puerto Rico’s Department of Health Medical Cannabis Program to begin operations. Both companies expect to be processing cannabis products on behalf of dispensary clients with brand distribution by next month.
“I would sincerely like to congratulate our Puerto Rico based operation 1919 Clinic and former CEO on achieving this goal of license approval and building out this facility to the licensing standards of the Department Of Health which is both a rigorous process and tremendous achievement. This cannabis manufacturing facility based in San Juan, one of the most profitable markets in our sector, will now quickly become an important asset and revenue generator for our company. The equipment and contracts already in place with multiple dispensaries on the island of Puerto Rico are capable and expected to bring several million dollars of revenue through cannabis extraction, manufacturing and the sale of our brands of which Agritek will be entitled to our portion through royalties, consulting fees and licensing of our brands,” stated Suneil Singh Mundie, Interim CEO of Agritek Holdings.
On July 9, 2017, the Puerto Rico government approved and enacted the Medical Cannabis Act, streamlining a new particular investigation license process as well as increasing the number of eligible conditions. Autism, glaucoma, Post- Traumatic Stress Disorders, and others have been added to an already-lengthy list of medical conditions that already included cancer, HIV and AIDS, Alzheimer’s, epilepsy, and migraine headaches, among others. From April to August 2018 to present, the number of licensed cannabis patients has increased to almost 50,000. Importantly, the island’s cannabis act includes a reciprocity policy that allows dispensaries to serve patients visiting Puerto Rico, as long as they hold a medical marijuana card from their home state.
Note "former CEO" -
"I would sincerely like to congratulate our Puerto Rico based operation 1919 Clinic and former CEO on achieving this goal of license approval and building out this facility to the licensing standards of the Department Of Health which is both a rigorous process and tremendous achievement. This cannabis manufacturing facility based in San Juan.
Also Note -
"The equipment and contracts already in place with multiple dispensaries on the island of Puerto Rico are capable and expected to bring several million dollars of revenue through cannabis extraction, manufacturing and the sale of our brands of which Agritek will be entitled to our portion through royalties, consulting fees and licensing of our brands,” stated Suneil Singh Mundie, Interim CEO of Agritek."
